Liquidity & Technical
Figures converted from INR at historical FX rates — see data/company.json.fx_rates for the rate table. Ratios, margins, multiples, percentages, and technical indicators are unitless and unchanged.
Liquidity & Technical
Free float is the binding constraint here, not the tape. ADV of roughly $3.1M on a $4.5B market cap (under 7 basis points a day) means a five-day window at 20% of ADV clears barely 7 bps of market cap — enough for a $157M fund to size a 2% position, not the $500M fund that probably wants the story. Technically, the tape is constructive but stretched: a golden cross printed yesterday (2026-05-19), price sits 9.3% above the freshly-minted 200-day, and today's session saw 6× average volume on a slightly negative close — a distribution tell into a 22% YTD move.
5-day capacity @ 20% ADV ($M)
Largest 5d-clear position (% mcap)
Fund AUM for 5% position ($M)
ADV 20d / mcap
Technical score (-3 to +3)
Capacity-constrained, not illiquid. A fund up to roughly $63M AUM can implement a 5% position over five trading days at 20% ADV pace. Anything larger — or any 5%+ position — becomes the market. Promoter holding of 74.67% means the effective float is only ~25% of cap.
Price snapshot
Current price ($)
YTD return
USD return since IPO ($6.64 → $8.06)
52-week range position
30d realized vol (%, ann.)
The stock listed on 2025-07-21 at $6.64 (₹570 at the day's FX) and has compounded at roughly 21% in USD over ten months — note that USD returns trail the 37% INR return because the rupee has depreciated against the dollar over the same window. One-year/three-year/five-year returns are not yet computable — treat any long-window technical signal accordingly.
Critical chart: price vs 50- and 200-day SMAs
Golden cross printed on 2026-05-19 — the first cross since listing. Price at $8.06 is 9.3% above the 200-day SMA ($7.37) and 8.8% above the 50-day ($7.41). The 200-day is also only seven days old, so the cross is mechanically valid but carries less weight than it would in a five-year series.
The trajectory is a textbook post-IPO reset: a listing-day pop to ~$9.50, a peak at ~$9.73 in September 2025, a six-month grind down to ~$6.45 by late January 2026, then a roughly 35% recovery into May. The current setup is a confirmed uptrend with stretched short-term internals — extension above 20-day rather than mean reversion to it.
Relative strength
No benchmark time-series is populated in this run (INDA series empty; no sector ETF mapped to Indian healthcare). We cannot score relative strength against the broad Indian market on the chart. What we can say from absolute returns:
ANTHEM is up 22.3% YTD in INR and 15.0% over the trailing six months. India's Nifty Pharma index has historically run mid-teens annualised; on rough numbers ANTHEM is tracking ahead of the pharma cohort and slightly behind Nifty 50 over the 10-month listed life. Without a clean series we won't put a score on it.
Momentum: RSI and MACD histogram
RSI hit 76.9 on 2026-05-15 — fully overbought — and has rolled to 56.9 in three sessions. The MACD line is still positive (+20.2) but the histogram has turned negative for three straight days. This is not a "sell the breakout" signal, but it is unambiguous: the easy-money phase of the bounce off the January low is over, and the near-term burden of proof is on the buyers.
Volume, spikes, and realized volatility
The pattern in the top spikes is telling: the highest-volume sessions are evenly split between accumulation days off recent lows (Dec-11, Feb-05, Mar-27, Apr-08) and distribution days into recent highs (Mar-09, today). Today's 6× session closed in the lower half of an intraday $7.90–$8.47 range — that is the classic post-overbought distribution signature, not the breakout extension a buyer would prefer to see.
Realized vol sits at 30.1% — the median band of the 10-month sample (p20: 27.0%, p50: 30.0%, p80: 33.6%). Translation: option-implied premia for hedging would be ordinary, not stressed. The market is not yet pricing the upside breakout as a regime change.
Institutional liquidity panel
This stock is capacity-constrained for institutional sizing. The numbers below assume normal-participation execution (10–20% of ADV) and a five-day completion target.
ADV and turnover
ADV 20d (000 shares)
ADV 20d ($M)
ADV 60d (000 shares)
ADV / market cap
Annual turnover (post-IPO)
The 6.9 bps daily turnover is what you'd expect from a name with 74.67% promoter holding, six-month-old IPO lockup math, and an effective ~25% free float. Twelve-month annualised turnover of ~31% is below mid-cap norms (which typically run 50–80%) — meaning what trades isn't a sponsorship pool that recycles quickly.
Fund-capacity table
Read the table this way: the largest fund that can take a 5% position over five days at 20% participation is roughly $63M AUM. A $200M fund wanting a 5% weight needs to chop the entry into ~16 trading days (a month), with execution cost meaningfully above the 2.9% median intraday range each session.
Liquidation runway
A 1% issuer-level position takes roughly three to seven months to exit without becoming the print. That is the actionable boundary: positions above this size carry materially elevated holding-period risk because exit timing is no longer your decision.
Execution friction
Median intraday range over the last 60 sessions is 2.90% — above the 2% threshold flagged in our template as elevated impact cost. For large orders this is the dominant friction (not bid-ask), and it argues for working orders via VWAP / participation algorithms rather than market clips.
Bottom line on liquidity: the largest single-name position a five-trading-day window will absorb at 20% ADV pace is 7 basis points of market cap (~$3.1M, equivalent to a 5% weight in a $63M fund or a 2% weight in a $157M fund). At 10% ADV pace, halve those numbers.
Technical scorecard and stance
Net score: 0 (neutral, with constructive trend offsetting cautious sponsorship read).
Stance — neutral, with a constructive trend offset by cautious sponsorship
The tape is in a confirmed uptrend off the January low with a fresh golden cross, but a 6× volume distribution day on a negative close right under the 52-week high suggests this is not a chase point. Two levels frame the next move:
- $9.02 (52w / all-time high, ₹873): a daily close above on volume above the 50-day average would confirm the IPO-era ceiling has cracked. Until then, the breakout is on probation.
- $7.41 (rising 50-day SMA, ₹717, roughly coincident with the late-March consolidation): a close below resets the bounce and opens a path back to the $6.49 (₹628) December lows. The golden cross unwinds quickly given how recent the SMA200 print is.
Liquidity is the constraint. For a fund under ~$63M AUM this name is implementable at a 5% weight over a week; for anything materially larger the disciplined approach is watchlist with phased entry over multiple weeks, sized to keep daily participation at or below 10% of ADV. Avoid market-clip entries given the 2.9% median intraday range. If the fundamental story (numbers tab) confirms the secular CRDMO growth case, building into weakness toward the 50-day is the lower-impact execution path.